BEIJING—China’s Dalian Wanda Group Co. has held talks to acquire a stake in Lions Gate Entertainment Corp., the U.S. studio behind “The Hunger Games” that has talked to a number of potential strategic partners, said people with knowledge of the discussions.

Under discussion is the possibility of Wanda, or any other partner, buying some Lions Gate shares currently held by Chairman Marc Rachesky, the people said. Mr. Rachesky, Lions...